Protect Your Retirement: Social Security, Portfolio Risk, and Financial Scams

Key Takeaways Social Security’s long-term funding challenges make personal retirement planning increasingly important.Government spending, interest rates, economic growth, and inflation can directly affect retirement portfolios and financial planning decisions.Investors should have a process for adjusting portfolio risk when economic and market conditions change.Helping adult children financially can become dangerous when it jeopardizes the parents’ own retirement security.Be extremely cautious about withdrawing large amounts from a 401(k), 403(b), or IRA to solve someone else’s financial problem.Phishing emails and texts often imitate trusted financial institutions, DocuSign, invoices, or account-security alerts.Never enter financial credentials through a link in an unexpected email or text. Independently access the institution through a trusted website or app.Protecting your retirement requires defending your money from both market risk and financial fraud. Aired March 8, 2025 Episode Overview Will Social Security be there when you retire? Should changing economic conditions cause you to reconsider portfolio risk? And how much financial help can you give your children without endangering your own retirement? In this episode of Purpose Driven Finances, Allan Malina and Rich Roth connect these questions through one central theme: protecting your financial future. The conversation begins with concerns Allan heard directly from clients approaching retirement who questioned Social Security's long-term financial health. That leads to a broader discussion about government spending, economic growth, interest rates, and why changes in the economy can matter to investors long before retirement arrives. Allan then turns to another potential threat to retirement security: helping family members beyond what your finances can reasonably support. He discusses a case involving a mother who provided $350,000 from a roughly $650,000 nest egg to help her son. His larger point is not to stop helping family—it is to avoid sacrificing your own financial independence in the process. Finally, Allan and Rich examine phishing emails, fraudulent texts, fake financial websites, suspicious invoices, and malicious links. Scammers increasingly imitate familiar companies, making independent verification more important than ever. Frequently Asked Questions Should I plan for retirement assuming Social Security will cover my needs? Social Security can be an important component of retirement income, but your financial plan should evaluate your complete income needs, savings, investments, spending, and other available resources. Should parents use retirement savings to help adult children? Helping family can be worthwhile, but large withdrawals can jeopardize your own retirement. Consider whether the gift or loan could materially affect your future income and financial independence. How can I recognize a phishing email? Check the actual sender address, links, spelling, domain name, and any unexpected request for credentials. A message can visually resemble a trusted company while directing you to a fraudulent website. What should I do if I receive a suspicious message from my bank or investment company? Do not use the link in the message. Instead, independently open the institution's official app or website or contact the company through a telephone number you already trust. How do market conditions affect retirement risk? Economic growth, inflation, interest rates, and market trends can change the risk-and-reward environment. A portfolio-management process should consider whether the amount and type of risk being taken still fits both current conditions and the investor's goals.